SECTION 605:10-1-2. Definitions

  When used in this Chapter, masculine words shall include the feminine and neuter, and the singular includes the plural. The following words or terms, when used in this Chapter, shall have the following meaning, unless the context clearly indicates otherwise:

"Advertising" means all forms of representation, promotion and solicitation disseminated in any manner and by any means of communication, to include social networking, to consumers for any purpose related to licensed real estate activity.

"Bona fide offer" means an offer in writing.

"Branch office" means an extension of a broker's main office location and normally is located at a different location than the main office. A branch office shall not be independently owned by any person other than the applicable broker or entity.

"Branch office broker" means a person who qualified for a broker license and who is designated by a broker manager or proprietor broker to direct and supervise a branch office on behalf of the broker in conformance with Section 858-310 of the Code. A branch office broker is considered an associate of a broker manager or proprietor broker.

"Broker" means a sole proprietor, corporation, managing corporate broker of a corporation, association, managing broker member or manager of an association, partnership, or managing partners of a partnership and shall be one and the same as defined as a broker in Section 858-102 of the Code and whom the Commission shall hold responsible for all actions of associates who are assigned to said broker.

"Code" when used in the rules of this Chapter, means Title 59, Section 858-101 et seq, Oklahoma Statutes as adopted 1974 and amended.

"Entity" means association, corporation and partnership.

"Filed" means the date of the United States postal service postmark or the date personal delivery is made to the Commission office.

"Firm" means a sole proprietor, corporation, association or partnership.

"Inactive status" means a period in which a licensee is prohibited from performing activities which require an active license.

"Nonresident" means a person who is licensed to practice in this state, however, does not maintain a place of business in this state but maintains a place of business in another state and who periodically comes to this state to operate and perform real estate activities.

"Previously licensed applicant" means a person who has been licensed in another state and desires to obtain a resident license in this state.

"Provisional sales associate" shall be synonymous in meaning with sales associate except where it is specifically addressed in Subchapters 3, 5 and 7 of this Chapter.

"Rents" or "leases real estate" as referenced in Title 59, Section 858-102, subparagraph 2, means the licensed activities provided by a broker through a property management agreement with a party for a fee, commission or other valuable consideration, or with the intention or expectation of receiving or collecting a fee, commission or other valuable consideration. Licensed property management activities may include, but shall not be limited to, showing real property for rent or lease; soliciting tenants and landlords; negotiating on behalf of the tenant or landlord; and complying with and maintaining the property in accordance with Title 41, Oklahoma Statutes, Non-Residential/Residential Landlord and Tenant Acts.

"Resident" means a person who is licensed in this state and operates from a place of business in this state.

"Sole proprietor" means a broker who is the sole owner of a real estate business.

"Team name" means a name used by a team as defined in Section 858-305 of the Code. All team names must be approved by the broker and must be registered with the Commission.

"Trade name" means the name a firm is to be known as and which is used in advertising by the firm to promote and generate publicity for the firm. A firm may or may not do business in the name under which their license is issued but must register with the Commission all trade names used by the firm.

[Source: Amended at 8 Ok Reg 2071, eff 7-1-91; Amended at 10 Ok Reg 2087, eff 7-1-93; Amended at 12 Ok Reg 1813, eff 7-1-95; Amended at 14 Ok Reg 3031, eff 7-11-97; Amended at 15 Ok Reg 3322, eff 7-13-98; Amended at 16 Ok Reg 394, eff 1-1-99 (emergency); Amended at 16 Ok Reg 2561, eff 7-1-99; Amended at 18 Ok Reg 1759, eff 7-1-01; Amended at 20 Ok Reg 2563, eff 7-11-03; Amended at 27 Ok Reg 1940, eff 7-1-10; Amended at 29 Ok Reg 1402, eff 7-1-12; Amended at 30 Ok Reg 2047, eff 11-1-13; Amended at 35 Ok Reg 360, eff 11-1-17 (emergency); Amended at 35 Ok Reg 1968, eff 9-14-18]